As national rents continued to slide lower in May, a growing divide emerged between metro markets where residents are staying put and those reshaped by newcomers.

The national median asking rent fell to $1,686 in May, down 1.5% from year-ago levels, according to rental data published Tuesday by Realtor.com.

But while 34 consecutive months of annual rent declines have offered relief to tenants, demand patterns differ across local markets, as “local loyalty” indicates where renters are more likely to shop for a new unit within their immediate market.

Among the 50 largest U.S. metros, Las Vegas led the country in local loyalty in the first quarter, with 70% of online rent searches by Vegas residents staying within the metro. The Texas cities of Austin, San Antonio and Houston were joined by San Diego to round out the top five.

“These five markets stand out as renter-friendly destinations where softening rents, higher vacancy rates, strong job markets and warm weather combine to give residents little reason to look elsewhere,” noted Realtor.com in its report.

Taken together, the findings illustrate a rental landscape shaped not just by pricing trends but shifting consumer behavior. As rents decline nationally, renters are finding options within local markets where they might rather remain.

While rising rents caused a surge in relocation during the COVID-19 pandemic — boosted by the rise of remote work and a desire to leave congested urban areas — softening rents in recent years have removed a key driver of accelerated relocation rates.

Meanwhile, as job creation has stagnated since early 2024, a slow but relatively tight labor market has been sustained by low unemployment. As a result, shifting employment opportunities have become a strong motivation for relocation, says Realtor.com.

Raleigh, N.C., attracted the largest portion of out-of-market rental demand in the first quarter, as evidenced by more than 69% of rental views originating from outside the metro area.

Richmond, Va.; Hartford, Conn.; Providence, R.I.; and Baltimore rounded out the list of cities most attractive to newcomers, with Realtor.com characterizing those areas as offering “more affordable rents and strong job markets in healthcare, financial services and tech.”

“Combined with pricing trends, these data not only signal how competitive a rental market is, they show whether that rental demand is homegrown or coming from outside of the market,” Danielle Hale, chief economist of Realtor.com, commented in the analysis.